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Examine the problem related to money market mutual funds

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Reference no: EM131556362

Question: MONEY MARKET MUTUAL FUNDS Carlos invested $5000 in a money market mutual fund that pays interest on a daily basis. The balance in his account at the end of 8 mo (245 days) was $5170.42. Find the effective rate at which Carlos's account earned interest over this period (assume a 365-day year).

Reference no: EM131556362

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